The service account of the exchange balance of the Central Bank (BCRA) registered a deficit of U $ S928 million Last July, which represents an increase of 25% monthly and 64% in relation to a year ago, although this last comparison may be contaminated by regulatory changes, the monetary entity warns. Anyway, in the accumulated of the year, exchange transactions with the rest of the world linked to the services sector show a deficit of US $ 6,795 millionwhich is already almost 40% more than all red last year, To have a brief dimension of the figures in question beyond the statistical warnings of the BCRA.
In relation to the deficit of last month, official data allow visualizing that, as usual, they were the net expenses for Consumption of goods and services paid with cards, trips and passages (excluding digital services) were decisive for that result since they added US $ 817 million. Secondly, negative net flows for other services added US $ 333 million and then those linked to freight and insurance with US $132 million.
In relation to net expenses linked to the item other services, according to the compilation methodology of the market statistics of the market Changes and exchange balance of the BCRApoints out that it includes “the income and expenses in the market of changes for financial services, other transport services, the services related to trade, construction services, operational lease services, audiovisual and related services, health services by traveler assistance companies, other personal, cultural and recreational services, government services and the expenses and rights required to import due to operations carried out under DDP or DDU condition”.
Also, as usual, the services deficit was not yet, thanks to the surplus of operations related to the Professional and technical business services that contributed a net income of US $ 355 million.
It should be noted that the seasonal factor enters to tertiary, above all, in the spending of tourism and purchases abroad, although, anyway, beyond the alleged statistical pollution since last January exploded. In this regard, the BCRA notes that “in regards to the account of consumption of goods and services paid with cards, trips and tickets, it is noted that it should not be associated solely to travel expenses since, in the turns that are made abroad to cancel the balances with the companies issuing international cards, both the consumptions that are made by trips abroad are included and Foreign suppliers (reciprocally, income also includes non -face -to -face purchases of goods and services that make the use of cards, suppliers from our country, who qualify as non -residents). ”
The BCRA explains that this account was modified with the objective of improving statistics when in June the communication “A” 8254 was published with the intention of distinguishing, from July, travel consumption from and to the outside and non -face -to -face purchases of goods and services to suppliers from abroad/from abroad to local suppliers. In this way, supposedly, From last month, consumption with cards are disaggregated for the provision of digital services of abroad suppliersincluding from that date on “other services.”
Therefore, according to the BCRA data, gross expenses for consumption of goods and services paid with cards, trips and tickets added in July no less than US $ 1,192 million. How do this negative flow be disaggregated? It is explained, mainly, by theS gross expenditures linked to card expenses that added US $ 1,063 millionand to a lesser extent for the gross expenses of passenger transport services for US $129 million and the turns abroad of tour operators for US $124 million.
According to the BCRA, of the US $ 1,063 million, expenses per card US $ 146 million corresponded to digital services purchaseswhile payments for dispatched goods through postal services were estimated at US $ 94 million (this would be linked to the value of CIF imports reported by INDEC for July).
In this way, the official estimate of expenses with cards for consumption associated with trips reached US $ 952 million in July, as a result of the sum of expenses for passenger transport services, tour operators and the aforementioned estimate of expenses with travel cards. “It should be noted that 70% of all expenses for consumption of goods and services paid with cards are directly canceled by customers with foreign currency funds ”estimates the BCRA.
For its part, the gross income from consumption of goods and services paid with cards, trips and tickets totaled US $ 229 million last July. When applying the same disaggregation methodology as for expenses, The BCRA estimates that net and ticket expenses reached US $ 728 million in the month.
On the other hand, the operations for primary income represented a net exit of US $ 1,595 million in July, explained by Interest payments for US $ 1,563 million and net expenses of profits, dividends and other income abroad for US $ 32 million. It should be noted that under this concept income and expenses are counted through the change market and the operations carried out directly with the international reserves of the BCRA for the performance that the institutional units receive for their contribution to the production process or by the supply of financial assets and natural resources to other institutional units, in the form of income.
While secondary admission operations represented a US $ 9 million surplus. In this account the BCRA records operations through the market for changes in current transfers between residents and non -residents. It should be explained that current transfer, the supply of a good, service, financial active or other asset not produced by an institutional unit to another is understood without obtaining an article of economic value in return.
Finally, The Government and the BCRA made net interest cancellations for US $ 1,275 millionwhile the private sector made net interest cancellations for US $ 288 million.
At an aggregate level it should be noted that despite the highest deficit of services, The current BCRA exchange balance account was, for the second consecutive month, overcoming at US $ 1,374 millionthanks to the fact that the net income of the assets and secondary income added US $ 3,887 million yu $ S9 million, respectively. While net expenses in primary income and, precisely, services totaled US $ 1,595 million YU $ S928 million, respectively.
Source: Ambito
